Office Properties Income Trust issues $425M 8.75% senior secured notes due 2031, repays credit facilities

OFFICE PROPERTIES INCOME TRUST

Issued $425.0M aggregate principal of 8.75% senior secured notes due Oct 1, 2031; interest semi-annual from Apr 1, 2027.
Proceeds plus cash on hand repaid $425.0M outstanding under secured revolver ($325M) and term loan ($100M), terminating the Jan 29, 2024 Credit Agreement.
Notes secured by first-priority liens on 19 office properties and 100% equity of subsidiary guarantors; senior to existing 10.000% notes on collateral.
Redemption: make-whole before Oct 1, 2028; then 104.375% (2028), 102.188% (2029), 100% (2030); up to 40% at 108.75% from equity proceeds before 2029.
Change-of-control put at 101%; covenants include total unencumbered asset ratio and limits on additional debt and liens.

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